Retail Storefront
For Sale
$4,550,000
321 Millburn Ave, Millburn, NJ 07041
Retail property offered for sale with a reported 7.00% cap rate.
Property Size14,626 SF
Price / SF$311.09
Days on Market97
Property Features for 321 Millburn Ave
General Information
Standard status
Active
Size
14,626 SF
Property subtype
Mixed-Use
Additional Details
Cap Rate
7%
Amenities
All Retail Leases (5) are NNN While all Second-Floor Office Suites (11) are Gross
Several Retail Leases are Below Market Rent
All Retail Leases have Annual Rent Increases and Renewal Options
Building Details
Building Size
14,626 SF
Year Built
1940
Listing Agency:
Marcus & Millichap - New Jersey
Listed By:
Alan Cafiero · License #License(s): NJ: 0791092
(201) 742-6118
Source:
Marcusmillichap
Added: Jun 3
Changed: Aug 25
Last Checked: Sep 6 at 4:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - New Jersey
Investment Insights
Based on property information with market context.
This for-sale retail property is offered as a storefront-style investment totaling 14,626 square feet. The listing presents it as a retail asset well-suited for buyers seeking an income-oriented commercial property.
The property is located at 321 Millburn Ave in Millburn, NJ. No additional details on the tenant roster, unit configuration, or specific building features were provided in the information available.
Given the stated 7.00% cap rate and the retail storefront use, the asset may appeal to investors and owner-occupiers evaluating income characteristics as part of their acquisition criteria. Interested parties should confirm all operating details, including current occupancy, lease terms, and any property-level expenses, during their due diligence.
The property is located at 321 Millburn Ave in Millburn, NJ. No additional details on the tenant roster, unit configuration, or specific building features were provided in the information available.
Given the stated 7.00% cap rate and the retail storefront use, the asset may appeal to investors and owner-occupiers evaluating income characteristics as part of their acquisition criteria. Interested parties should confirm all operating details, including current occupancy, lease terms, and any property-level expenses, during their due diligence.
Key Highlights
- Retail property offered for sale with a reported 7.00% cap rate
- 14,626 SF retail building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$208,761
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,175,220
$4.2M
Cap Rate 7%
$2,982,300
$3.0M
Cap Rate 9%
$2,319,567
$2.3M
Market Conditions
NOI Build-Up for 14,626 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$315.9K $21.60/SF
− Vacancy
−$17.7K −$1.21/SF
EGI
$298.2K $20.39/SF
− OpEx
−$89.5K −$6.12/SF
NOI
$208.8K $14.27/SF
Area
Essex County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,175,220
Cap Rate 7%
$2,982,300
Cap Rate 9%
$2,319,567
Alternative Uses
Best Use
Retail
$2.98M
$2.61M – $3.48M
NOI $208,761 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.82M
$3.34M – $4.46M
NOI $267,340 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,386
Businesses Nearby
82k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 37%
Shops & Services 35%
Dining 23%
Beauty & Spa 3%
ShopRite
Groceries
30,363 visits/mo
0.5 miles
Dunkin' Donuts
Dining
11,796 visits/mo
0.2 miles
Chase Bank
Shops & Services
8,142 visits/mo
0.1 miles
Wells Fargo
Shops & Services
4,774 visits/mo
0.1 miles
The UPS Store
Shops & Services
4,109 visits/mo
0.0 miles
Demographics for 07041, NJ
7,649
Population
2,843
Households
2.7
Avg Household Size
41
Median Age
81%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
5,884
Density / Sq Mi
$220,923
Median Household Income
$109,375
Median Earnings
$1,969
Median Rent
$935,900
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail property offered for sale with a reported 7.00% cap rate.
Where is this storefront property located?
The property is located at 321 Millburn Ave Millburn, NJ.
What is the asking price?
The asking price for this property is $4,550,000.
What are key features of this property?
This property features: Retail property offered for sale with a reported 7.00% cap rate; 14,626 SF retail building
